This paper explores the marginal spillover effect of state-owned capital participation from the perspective of investment-financing term structure.The paper finds that state-owned capital participation helps to alleviate the investment-financing maturity mismatch of private enterprises,and the effect of different state-owned capital participation subjects differs from each other.The mechanism test shows that state-owned capital participation inhibits the investment-financing maturity mismatch of private enterprises through multiple paths,such as the supervision effect,resource effect,and pulling effect.Further research finds that the alleviation effect of state-owned capital participation on the investment-financing maturity mismatch is more significant for enterprises with controlling shareholder equity pledges,larger funding gaps,and higher funding demands.This study expands and deepens the research extension of"reverse mixed-ownership reform"and provides new ideas and evidence for alleviating the investment-financing maturity mismatch of enterprises.
The opening of data factors is an important way to promote the high-quality development of the economy in the digital era.This paper examines the impact of public data access on total factor productivity and the mechanism behind it at the enterprise level and finds that an increase in the level of public data access leads to an increase in the total factor productivity of enterprises.For every 1%increase in the level of public data access in a city,the total factor productivity of local enterprises increases by about 0.18%on average.The heterogeneity analysis shows that the improvement in total factor productivity brought by public data access is more significant for private enterprises and service enterprises and a higher degree of public data access can more effectively improve the total factor productivity of the enterprise.The mechanism analysis shows that public data access is conducive to improving the regional business environment,invigorating the flow of enterprise assets,enhancing the efficiency of resource allocation,reducing the costs of enterprise sales and management,and promoting the growth of enterprise total factor productivity.Local governments should create a favorable environment for the opening of data factors,further enhance the level of public data access,give play to the enabling role of data factors,and promote the high-quality development of the economy.
为深入贯彻落实新一轮国企改革深化提升行动,积极探索更好利用资本市场助推国资国企改革,由深圳证券交易所研究所(金融创新实验室)、中山大学企业研究院及资本市场研究院共同发起,拟定于2024年4月在深交所召开"国企改革与资本市场"学术交流会,邀请相关政府部门、行业组织、高校院所、上市公司和市场机构等的专家学者,对央企国企深化改革、国企公司治理与中国特色现代企业制度、国有资本运营与管理、价值实现与市场认同、ESG信息披露与绩效评价等相关热点及重难点问题进行深入研讨.
Based on the sample of A-share listed companies on the Shanghai and Shenzhen Stock Exchange from 2007 to 2021,this paper investigates how the threat of exist by institutional investors contributes to financial market stability from the perspective of stock price crash risk.The study finds that the threat of exist by institutional investors can significantly curb stock price crash risk,and the findings remain robust after controlling for possible endogenous problems.The mechanism analysis finds that the threat of exist by institutional investors can effectively curb stock price crash risk by reducing agency costs and the optimism bias of analysts'earnings forecast.Further investigation finds that the inhibitory effect of the threat of exist by institutional investors on stock price crash risk is more significant for listed companies with higher media attention and is substantially weakened for listed companies with CEO duality.This study reveals the key role played by the threat of exit by institutional investors in curbing stock price crash risk,which has important reference value for strengthening the financial stability protection system.
Serving the real economy is the bounden duty of capital markets.This paper systematically tests the ability of China's multi-level capital markets to serve the real economy for the first time.Our findings are as follows.(1)In terms of direct financing,China's multi-level capital markets meet the differentiated financing needs of nterprises,and low-level capital market financing does not have a"crowding out"effect on the high-level capital market financing.The financing efficiency of the National Equities Exchange and Quotations(NEEQ)is significantly lower than that of the Main Board and the ChiNext Board.(2)In terms of resource allocation,the Main Board and the ChiNext Board have been effective in resource allocation for the majority of the time.There was a large gap between the resource allocation efficiency of the ChiNext Board and that of the Main Board at the initial stage of the ChiNext Board's establishment.Nevertheless,the resource allocation efficiency of the ChiNext Board has been comparable to that of the Main Board since 2014.The resource allocation efficiency of the NEEQ is relatively low and inferior to the Main Board and the ChiNext Board.(3)The severe liquidity shortage and low information transparency are the key factors to the inefficiency of financing and resource allocation of the NEEQ.
This paper uses panel data comprising 177 commercial banks in China from 2010 to 2022 to empirically examine the mechanism through which shadow lending by non-bank financial institutions affects the liquidity creation of banks.The research shows that(1)shadow lending by non-bank financial institutions exerts an inhibitory effect on the liquidity creation of banks.Compared to joint-equity banks,shadow lending by non-bank financial institutions exerts a stronger inhibitory effect on the liquidity creation of state-owned banks and urban and rural commercial banks.The implementation of the"Guiding Opinions on Regulating the Asset Management Business of Financial Institutions"helps to mitigate the inhibitory effect of shadow lending by non-bank financial institutions on banks'liquidity creation.(2)Interbank business plays an intermediary role in the relationship between shadow lending by non-bank financial institutions and banks'liquidity creation.Shadow lending by non-bank financial institutions suppresses banks'liquidity creation mainly through the channel of reducing the size of interbank business.(3)The channel test for distinguishing interbank business types shows that the intermediation effect of traditional interbank business channels accounts for a larger proportion than that of emerging interbank business channels,and shadow lending by non-bank financial institutions is more likely to influence the liquidity creation of banks through traditional interbank business channels.The paper provides important theoretical guidance and decision-making reference for improving the regulatory efficiency of shadow lending by non-bank financial institutions and preventing and controlling systemic risk in the banking sector in the dimension of liquidity creation.
The connection between administrative and criminal law pertaining to the theory of determining insider information remains inadequate,leading to divergent interpretations of existing rules,and the logic and problems in the practice of criminal law have not been fully explained.Insider information needs to have certainty and relevance,both of which should be included in materiality.The certainty factor includes not only the traditional accuracy and completeness of information but also the probability of occurrence of material events.The relevance factor is used both to exclude information that is too macroscopic and as the theoretical basis for the study of insider information categorization.The point of time for the formation of insider information as a medium of legal presumption needs not to consider the accuracy and completeness of the information.It should be consistent with the starting point of the management period of insider information in the administrative law and used as the starting point of the time for monitoring insider trading with reference to the practice of differentiation of classification.The point of time for the formation of insider information as a constituent element corresponds to the starting point of the prohibition period of insider trading in criminal law,and factors related to the accuracy and completeness of information in materiality should be taken into consideration.Additionally,attention should be paid to differences in information between different subjects.
本文以2007―2021年A股上市公司为研究样本,探讨财务共享对企业投资效率的影响.研究发现,财务共享提升了企业投资-投资机会敏感性并降低了非效率投资.中介效应检验发现,财务共享通过缓解信息不确定性的负面影响、提升企业内部信息传递效率以及增强外部监督进而提升企业投资效率.进一步研究发现,当子公司数量较多、实施激进型战略、子公司收入占比较高时,企业实施财务共享的动机较强,财务共享提升企业投资效率的作用更显著;当存在高管纵向兼任、多元化程度较低时,企业实施财务共享的能力较强,财务共享提升企业投资效率的作用更显著.整体而言,财务共享能提升企业投资效率.本文丰富了财务共享经济后果和企业投资效率影响因素的相关研究.
自2005年实施以来,IPO询价制进行了11次改革,见证了中国资本市场的光辉历程.询价制改革至关重要,需要有关各方不断加深认识和把握.国内外学者对询价制展开了大量研究,但缺乏对研究成果的全面细致梳理,尤其是未能形成以中国渐进式改革为脉络的文献综述.本文系统总结了IPO询价制的国外学术争鸣、我国渐进式改革以及询价制改革效果等方面的重要研究成果.在此基础上,结合全面注册制背景和当前IPO的主要问题,对未来询价制的改革路径和研究方向进行展望.
金融科技作为数字经济时代下金融与前沿技术融合的新产物,能对实体经济转型产生重要影响.本文基于沪深A股上市企业2011-2020年数据,实证检验金融科技对企业数字化转型的影响、机制和外部重要条件.实证结果表明,金融科技对企业数字化转型具有显著正向影响.异质性检验发现,金融科技对于非国有企业、高科技企业数字化转型具有显著驱动作用.机制检验发现,金融科技能够有效提升财务配置质效、激发数字技术创新活跃度并强化风险平滑能力,这些都能有效加快企业数字化转型进程.特别地,良好的外部市场化环境是充分释放金融科技数字化转型驱动力的重要条件.本文结论为优化金融科技发展、推动企业数字化转型及完善政策提供了经验证据和启示.
在高质量发展背景下,E S G信息的价值日益凸显.与这一发展趋势相比,我国现行ESG信息披露制度在适用范围、披露内容设计、鉴证监管规则、制度体系化等方面仍存在一定局限.欧盟面临与我国相似的制度问题和社会背景,其最新立法《公司可持续报告指令》有着诸多制度创新,能为解决我国问题提供针对性经验.参考欧盟立法经验,并结合我国国情,可考虑适度扩大强制性ESG信息披露规则适用范围,秉持使用者导向并精细化设计ESG信息披露内容,系统构建ESG信息鉴证规则及行业监管规则,采取短期和长期措施完善ESG信息披露立法体系,从而优化我国ESG信息披露制度.
机构投资者持股比例可能会影响股票的预期收益,本文尝试探究投资者结构是否是中国股票市场定价因子.本文利用A股数据构建投资者结构因子,并将该因子加入Carhart四因子模型中进行实证回归.研究发现:(1)投资者结构是沪深股票市场定价因子,该结论通过了稳健性检验;(2)相对于沪深主板市场,创业板与科创板市场的投资者结构因子溢价更高;(3)新冠疫情提高了沪深股票市场的投资者结构因子溢价.本文补充了A股市场在资产定价方面的研究,为A股市场投资端改革提供了经验证据.
本文以中国证监会《会计监管风险提示第8号——商誉减值》为背景,研究了该文发布后年报审计质量对商誉减值预告的影响及原因.研究发现,高质量审计能有效促使公司在应当预告商誉减值时进行预告.审计质量影响商誉减值预告的原因在于年报审计的溢出效应,具体通过两条影响路径实现:一是高质量审计能够提高预告信息的可得性,体现在当商誉所涉及的子公司数较多或非疫情突发期间时,高质量审计对商誉减值预告的积极影响更大;二是高质量审计具有督促作用,能够降低公司不预告的动机,表现为当公司内部控制较差或分析师跟踪人数较少时,高质量审计对商誉减值预告的积极影响更大.本文结论丰富了审计溢出效应和商誉信息披露方面的研究,对监管部门精准监管和投资者决策具有重要参考价值.
为深入学习贯彻党的二十大精神、中央政治局会议精神和中央金融工作会议精神,推动注册制改革走深走实,更好服务经济高质量发展,深圳证券交易所《证券市场导报》拟开展"中国特色现代资本市场下的注册制理论与实践"专题征文.
多元化经营是企业重要的战略选择和投资决策.本文以2007-2019年A股非金融上市企业为样本,利用"陆港通"实施的准自然实验,实证检验资本市场开放对企业多元化经营的影响.研究发现,资本市场开放通过缓解企业代理成本和融资约束降低了企业多元化经营程度,尤其是非相关多元化经营.异质性分析表明,较强的市场竞争环境、较少的自有资源和较高的高管过度自信程度强化了资本市场开放对企业多元化经营的抑制作用.经济后果分析表明,资本市场开放正向调节了企业多元化经营与企业价值之间的关系.本文结论表明以"陆港通"为代表的资本市场开放能够优化企业多元化经营决策,这为进一步提高资本市场开放水平,构建支持企业高质量发展的资本市场制度提供了参考价值.
金融科技的出现及发展不断为金融市场注入活力,但同时也伴随着因金融市场复杂性而变化莫测的系统性金融风险.本文基于2012-2020年企业、银行和城市层面数据,探究金融科技对金融市场复杂性演进的影响.研究发现,金融科技会通过金融业务创新加剧金融市场复杂性;制度质量的提升和监管科技的运用能够有效缓解金融科技的加剧效应.进一步研究发现,金融市场复杂性诱发系统性金融风险存在一个阈值,低于阈值时并不会发生系统性金融风险,而高于阈值时系统性金融风险发生概率显著提升.本文丰富了金融科技与金融市场复杂性领域研究,对金融科技的健康发展、金融监管政策的科学制定以及系统性金融风险的有效防范具有一定的参考价值.
在经济低碳转型的背景下,股票市场能否借助价格信号引导资源向新能源产业集聚,是股票市场绿色有效性的关键.本文采用事件研究方法,通过观察股票市场对《巴黎协定》签署的反应,考察气候变化治理力度加强与新能源企业股票收益的关系.研究发现,相比非新能源企业,新能源企业在《巴黎协定》签署事件窗口期内的股票收益提升.机制检验发现,气候变化治理力度加强主要通过企业价值增长机制和投资者关注机制影响新能源企业的股票收益,并且企业价值增长机制的作用程度高于投资者关注机制.异质性分析表明,气候变化治理力度加强对新能源企业股票收益的积极影响在秦岭-淮河一线以北地区、竞争度更高行业、议价能力较弱以及非国有企业中更加显著.本文的研究对充分发挥气候变化治理实践对社会资本的引导作用、开展绿色金融助力经济低碳转型具有启示意义.
《破产法》第73条引入了破产重整期间的债务人自行管理制度,但关于职权配置的规定过于简单模糊.在注册制改革背景下,上市公司破产重整自行管理的适用频率显著上升,而细究规范与裁判,对债务人、管理人的职权配置存在不容忽视的分歧,如此不仅难以发挥自行管理的制度优势、难以保障上市公司重整质量,还将引发诸多理论与现实问题.宜将上市公司重整中的各项管理职权加以类型化区分,以最大化企业运营价值、剩余索取权人不明、降低规制成本作为考量要素,在债务人、管理人之间科学配置职权,以此构建职权配置的基础模式,并允许根据个案情况协商调整.鉴于债务人自行管理中可能存在的冲突与风险,还应完善与职权配置相契合的配套制度体系.
国有资本入股是目前化解民营企业股权质押危机的重要方式,体现了国有资本在抗风险方面发挥的重要作用,但国有股东在抗风险过程中是否发挥治理作用尚不清晰.本文基于2014-2021年沪深A股民营上市公司样本,发现国有股东通过显著提高民营企业的股权质押解除率化解资本市场的股权质押危机,这种作用在企业控制权与所有权分离程度越大、国有股东"退出威胁"的可信度越高和退出的潜在影响程度越大时越显著,该结果证明国有股东是通过"用脚投票"的治理机制发挥作用的.进一步研究发现,国有股东参股与相关正式制度之间具有互补关系;经济后果方面,国有股东降低了股权质押导致的盈余管理,降低了参股企业股价崩盘风险并增加了参股企业的盈利能力,长期来看显著提升了高质押企业的价值.本文揭示了国有股东化解民营企业股权质押危机的作用机理,为国有资本的公司治理功能提供了实证证据.
本文运用人工阅读法和计算机文本分析法,探讨注册制下我国上市公司招股说明书中风险披露、文本语调对IPC抑价率的影响,并进一步考察不同板块、询价新规对这种关系的影响.研究结果表明:注册制下招股说明书风险披露越多,IPO抑价率越低;招股说明书文本负面语调与IPO抑价率负相关;文本净语调与IPO抑价率正相关.异质性分析发现,招股说明书风险披露对科创板和创业板IPO抑价率的影响一致,而文本语调对IPO抑价率的影响更多体现在科创板.进一步研究发现,询价新规的实施增强了风险披露对IP0抑价率的影响,同时增强了负面语调作用,减弱了净语调作用.本文建议我国资本市场股票发行制度还可进一步优化与完善,继续加强信息披露,加强投资者教育.
